How to get a Mortgage

  1. How to prepare your home for sale

Great tips and advice on how to get a mortgage in Leicester

Taking out a mortgage will probably be one of the most expensive financial commitments you will ever make. That is why it is important to search around for the best deal when considering how to get a mortgage in Leicester.

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Things to bear in mind when considering how to get a mortgage in Leicester

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Credit Score

When working out how to get a mortgage in Leicester remember that your credit score does matter. You can check your current credit score on websites such as Experian and Equifax. These sites will not only be able to give you your current credit score but also provide a breakdown of  how your score was worked out and what steps you can take to improve your credit score.

Do the Math

Before you start the ball rolling an important factor when working out how to get a mortgage in Leicester is whether you can afford the repayments. Sit down and work out exactly how much you can afford each month. Consider bills and other monthly expenses related to the property. Don’t forget to include living and personal expenses as well as house removal costs. Try to be honest as moving into a new home you cannot afford to run is never a good idea.

Bad Debts

When applying for a mortgage in Leicester any prospective lender will be put off by any current debts that you have. Whenever possible you should try to clear all debts before making a mortgage application. If this is not an option then try to reduce the amount of the debt, being able to show that you have made regular repayments will help.

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Proof of Income 

Any prospective lenders or mortgage providers will want to see your proof of income. it is extremely important to be able to show a reliable and steady income. Being with an employer for a number of years will help your chances of having your application accepted by a lender. If you are self employed the lenders will usually ask to see at least 3 years of books.

Deposits

When considering how to get a mortgage in Leicester remember that the bigger the deposit the cheaper the rates of repayment. Lenders will always provide lower interest rates with a bigger deposit. It may be worth waiting a few more years to save a bigger deposit, this could save you money in the long run.

Joint Applications

You may consider making a joint mortgage application, this can often help your chances of having the mortgage accepted. This may also make it easier to provide a bigger deposit. Just bear in mind that making a join mortgage application is a huge commitment and should not be taken lightly.

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